Issue - meetings

(a)       That, subject to the above, the Statement of Investment Principles  including the Sustainability Policy and Myner’s Principles and Stewardship Code Compliance Statements attached be approved; and

(b)       That the new SIP be published on the Fund’s website by 1 July 2015.

The Clwyd Pension Fund Manager introduced a report on the Fund’s Statement of Investment Principles for the period 1 June 2015 – 31 May 2016.  He provided background information and advised that the main changes to the SIP were as follows:

·         the content updated to include the changes to the investment strategy as a result of the 2014 Fund Review

·         the Sustainability Policy and the Myners Principles Compliance updated.

Steve Hibbert referred to the SIP which was appended to the report and raised a concern around the wording in section 7 on Sustainability.  The Clwyd Pension Fund Manager responded to the comments made and explained that if an issue arose with a company the Fund would receive a LAPFF alert and contact the relevant Fund manager.  Referring to voting rights the Pensions Finance Manager explained that the Fund included a summary of voting activity from managers in the Annual Report.  During further discussion Officers agreed to undertake a review of the wording in section 7 on Sustainability to emphasise the positive work undertaken in this area.

Huw Llewellyn Jones referred to section 2 on Objectives and sought confirmation that the next implementation of employer rates would be effective from April 2017.  The Clwyd Pension Fund Manager confirmed that this was correct.

RESOLVED:

 (a)      That, subject to the above, the Statement of Investment Principles  including the Sustainability Policy and Myner’s Principles and Stewardship Code Compliance Statements attached be approved; and

(b)       That the new SIP be published on the Fund’s website by 1 July 2015.